Janus Capital Group Inc (JNS)’s Fourth Quarter And Full Year 2014 Earnings Conference Call Transcript

Michael Carrier – Bank of America

Thanks Jennifer, just on two things that you hit on. It’s on the performance fees. This scenario, kind of analysis is helpful. On the private accounts, just want to try to separate the annual new impact versus what we can see in sort of on a quarterly basis. So any I know it’s you are predicting the future, so pretty tough. Just want to try to meet out the annual. And then, just on the share count, we think about grants versus the ongoing level of buybacks. Any outlook on what we should be expecting just given some of the key hires.

Jennifer McPeek – Chief Financial Officer

Sure so, first question is around the private account and how much comes in annually versus on a more steady state basis. So, the biggest driver of our performance fees is our separate accounts from INTECH. And those I am looking at a chart, I don’t have a specific number for you, you know something like half of them or somewhere between 40% to 50% look like they are more on an annual basis. But the real driver here is going to be which strategies outperformed right.

So, it is going to be difficult to predict. Actually my assistant is telling me two thirds of them actually are annual, so we have counting the numbers but not looking at the actual asset levels. So a little bit more on an annual basis than on a quarterly basis. But you really need to know what strategies are outperforming. I know that this quarter there was a big surprise. People weren’t expecting that big performance fee jump up from INTECH, but that came largely from the Enhanced Plus strategy which had a really positive fourth quarter.
And so it is difficult to predict, because you don’t see that performance in the separate accounts at INTECH until we release our results. So by its nature that has to be a surprise. And I am sorry, what was the second part of your question?

Michael Carrier – Bank of America

Yeah second was just on the share count going forward as we think about grants, given some of the key hires versus the ongoing level of buybacks.

Jennifer McPeek – Chief Financial Officer